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Agriterra Ltd - Interim Results

RNS Number : 3046I
Agriterra Ltd
31 March 2020
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

Agriterra Limited / Ticker: AGTA / Index: AIM / Sector: Agriculture

 

Agriterra Limited ('Agriterra' or the 'Company')

 

Unaudited Interim Results and Trading Restoration

 

Agriterra Limited, the AIM listed African agricultural company, announces its unaudited interim results for the six months ended 30 September 2019.

Restoration to trading on AIM

The Company's ordinary shares were suspended from trading on AIM at 7.30 a.m. on 1 October 2019 as a result of a delay in the publication of the Company's audited annual results for the year ended 31 March 2019 (the "2019 Annual Accounts"). The 2019 Annual Accounts were published to the market earlier today, however the ordinary shares have remained suspended pending release of the Company's interim results for the six month period ended 30 September 2019. Accordingly, the release of this announcement facilitates lifting of the suspension, and trading on AIM of the Company's shares is expected to recommence from 7.30 a.m. tomorrow.

For further information please visit www.agriterra-ltd.com or contact:

 

Agriterra Limited

Strand Hanson Limited
(Nominated & Financial Adviser and Broker)

Caroline Havers

James Spinney / Ritchie Balmer / Rob Patrick

[email protected]

+44 (0) 207 409 3494

 

Chair's Statement

 

I am pleased to provide an update on our performance in the first half of the 2020 financial year ('HY-2020'). We had not been able to update the market earlier on these results, pending the finalisation of our audited financial statements for the year ending 31 March 2019. As shareholders are aware, the Company's shares have been suspended from trading on AIM since 1 October 2019, pending further investigation into a theft uncovered by management in June 2019.

 

Fraud Investigation

Following the report to the Auditors of the incidence of theft which occurred on 17 June 2019, the Auditors requested a detailed investigation of the circumstances. An initial management review brought to light a further incident concerning a fictitious purchase of grain in January 2019. Consequently, the Audit Committee commissioned an external team of internal auditors to conduct a detailed review of the procurement cycle. This review brought to light a further incidence in December 2018, together with a potential theft of petty cash which could not be accounted for. The gross loss to the Group of all incidences was $ 21,000 with a net loss of $ 9,000. The Auditors questioned the independence of the internal audit team and therefore could not conclude that the frauds did not have a material impact on the financial statements without the need for a forensic audit. The Company commissioned PKF Littlejohn LLP to perform the forensic audit, the scope of which was agreed with the Auditors. The forensic audit concluded that there was no evidence that further incidences of fraud had occurred and that there was no material impact on the financial statements of those incidences which had come to light. The additional costs incurred by the Auditors in respect of the frauds were approximately $55,000 and by the forensic auditor approximately $ 155,000.

 

Operational update

 

Grain division

Sales to relief agencies after Cyclone Idai, underpinned sales in the Grain division in our traditionally quiet first quarter, however inventory overhang in the market as a result of the aid programmes slowed continued sales progress in the second quarter.

 

Revenue for the 6 months improved to $ 3.9m (HY-2019: $ 1.5m) and consequently EBITDA improved to $ 0.4m (HY-2019: Loss of $ 0.3m). The finance costs fell to $ 352,000 (HY-2019: $ 467,000) resulting in a significantly reduced loss after tax of $ 139,000 (HY-2019: $ 789,000).

 

Improved quality and the commissioning of a 1kg packaging line, are expected to lead our entry directly into the informal sector in the second half. Delay in the approval of additional overdraft facilities to finance the procurement of maize, meant that the division was not able to take advantage of lower early season maize prices. Consequently, it is expected that the division's margins will be under more pressure in the second half.

 

Beef division

After a significant improvement in the division's trading in the prior year, the Beef division has seen a fall in volumes as the South African Rand depreciated to less than 4 Metical during Q1/early Q2 FY-20. This has led to tough trading conditions in the south of the country where our beef product has to compete with imports from South Africa.

 

Revenue for the 6 months fell to $ 2.2m (HY-2019: $ 2.6m) and EBITDA declined to a loss of $ 0.4m (HY-2019: restated loss $ 0.2m). Finance costs increased to $ 84,000 (HY-2019: $ 52,000) and the loss after tax increased to $ 708,000 (HY-2019: restated loss $ 364,000). The comparative results for the Beef division have been restated to reflect an adjustment to inventories of $ 0.2m that came to light during the annual audit.

 

Plans are being made and finance sought to develop a sustainable presence in the Maputo market. This will provide a platform for growth in the Beef division.

 

Results

Group revenue for the half-year ended 30 September 2019 increased 47% to $ 6.1m (H1-2019: $4.1m). As a result of an improved trading performance in the Grain division, and despite the difficulties in the Beef division, the Group's trading operations showed a reduction in the operating loss (incl. other gains and losses) before interest to $ 0.41m (H1-2019: restated loss $ 0.63m). Central costs increased to $ 0.42m (H1-2019: $ 0.32m) after incurring $ 0.2m of additional forensic audit costs in respect of the previous year. Consequently, the Group operating loss fell to $ 0.8m (H1-2019: restated loss $ 1.0m). After an interest charge of $ 0.5m (H1-2019: $ 0.5m) the loss after tax attributable to shareholders was $ 1.3m (H1-2019: restated loss $ 1.5m). During the period, inventories increased $ 0.9m and capital expenditure less disposals amounted to $ 0.3m. Net debt at 30 September 2019 was $ 4.8m (31 March 2019: $ 2.4m).

 

Outlook and COVID-19

 

Elections were held in October 2019 and led to variable demand in Q3 FY-20 for both divisions and the availability of maize has put pressure on margins in Q4. 

 

COVID-19 has had a significant negative impact globally, both economically and socially. There is a risk that there will be a significant outbreak of the COVID-19 virus in Mozambique, which could potentially impact the population and the Group's operations through the contraction of the economy.

 

All operating companies have already introduced comprehensive training and awareness programmes, combined with practical measures to protect staff health and maintain operating capabilities. The Group remains alert to the fast changing environment and is prepared to put in place mitigating actions as events develop. Our products are key staples in the domestic Mozambican market and demand is not expected to be significantly affected should the pandemic take hold. In the case of a prolonged and profound impact on the national economy of the COVID-19 pandemic, the demand for meal in particular, is likely to remain strong.

On the supply side the local maize crop looks to be very good and will start coming off in the next few weeks. There will be no need to purchase imported maize. Discussions are already being had with the Government disaster planning teams, Ministry of Agriculture and the Provincial Governor to ensure the continued ability of local maize to come to market. Alternative sources of inputs, such as packaging, are available locally if imports are threatened by closure of overseas factories and borders.

 

The recent decline in the oil price, has led to a postponement of investment in the sector in the North and reinforces the importance of developing the presence of our Beef division in the South, a key driver for improved performance next year.

 

 

 

 

  CSO Havers

Chair

31 March 2020

 

 

 

 

 

Consolidated statement of profit or loss and other comprehensive income

Consolidated income statement

 

 

 

6 months

ended

30 September

2019

 

6 months

ended

30 September

2018

 

Year  

ended

31 March

2019

 

 

 

Unaudited

 

Unaudited

 

Audited

 

 

 

 

 

(Restated)

 

 

 

Note

 

$000

 

$000

 

$000

CONTINUING OPERATIONS

 

 

 

 

 

 

 

Revenue

2

 

6,082

 

4,134

 

10,629

Cost of sales

 

 

(4,793)

 

(3,502)

 

(9,891)

Increase in fair value of biological assets

 

 

76

 

117

 

478

Gross profit

 

 

1,365

 

749

 

1,216

Operating expenses

 

 

(2,249)

 

(1,705)

 

(3,860)

Other income

 

 

4

 

-

 

225

Profit on disposal of property, plant and equipment

 

 

51

 

-

 

340

Operating loss

 

 

(829)

 

(956)

 

(2,079)

 

 

 

 

 

 

 

 

Net finance costs

3

 

(439)

 

(519)

 

(1,016)

Loss before taxation

 

 

(1,268)

 

(1,475)

 

(3,095)

 

 

 

 

 

 

 

 

Taxation

 

 

-

 

-

 

-

Loss for the period

2

 

(1,268)

 

(1,475)

 

(3,095)

 

 

 

 

 

 

 

 

Loss for the period attributable to owners of the Company

 

 

(1,268)

 

(1,475)

 

(3,095)

 

 

 

 

 

 

 

 

LOSS PER SHARE

 

 

 

 

 

 

 

Basic and diluted loss per share - US Cents

4

 

(6.0)

 

(6.9)

 

(14.6)

 

 

 

Consolidated Statement of comprehensive income

 

 

 

6 months

ended

30 September

2019

Unaudited

 

6 months

ended

30 September

2018

Unaudited

 

Year

 ended

31 March

2019

Audited

 

 

 

 

 

(Restated)

 

 

 

 

 

$000

 

$000

 

$000

 

 

 

 

 

 

 

 

Loss for the period

 

 

(1,268)

 

(1,475)

 

(3,095)

Items that may be reclassified subsequently to profit or loss:

 

 

 

 

 

 

 

Foreign exchange translation differences

 

 

(185)

 

157

 

(133)

Other comprehensive (loss)/income for the period

 

 

(185)

 

157

 

(133)

Total comprehensive loss for the period attributable to owners of the Company

 

 

(1,453)

 

(1,318)

 

(3,228)

 

 

Consolidated statement of financial position

 

 

 

 

 

30 September

2019

Unaudited

 

30 September

2018

Unaudited

 

31 March

2019

Audited

 

 

 

 

 

 

(Restated)

 

 

 

 

Note

 

$000

 

$000

 

$000

Non-current assets

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

 

6,283

 

6,436

 

6,292

Intangible assets

 

 

 

160

 

-

 

166

 

 

 

 

6,443

 

6,436

 

6,458

Current assets

 

 

 

 

 

 

 

 

Biological assets

 

 

 

701

 

695

 

830

Inventories

 

 

 

1,594

 

1,590

 

675

Trade and other receivables

 

 

 

952

 

1,268

 

698

Cash and cash equivalents

 

 

 

1,590

 

2,818

 

2,197

 

 

 

 

4,837

 

6,371

 

4,400

Total assets

 

 

 

11,280

 

12,807

 

10,858

Current liabilities

 

 

 

 

 

 

 

 

Borrowings

 

5

 

3,727

 

2,367

 

1,708

Trade and other payables

 

 

 

1,218

 

376

 

1,186

 

 

 

 

4,945

 

2,743

 

2,894

Net current (liabilities)/assets

 

 

 

(108)

 

3,628

 

1,506

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Borrowings

 

5

 

2,674

 

3,040

 

2,850

Total liabilities

 

 

 

7,619

 

5,783

 

5,744

 

 

 

 

 

 

 

 

 

Net assets

 

 

 

3,661

 

7,024

 

5,114

 

 

 

 

 

 

 

 

 

Share capital

 

6

 

3,373

 

3,373

 

3,373

Share premium

 

 

 

151,442

 

151,442

 

151,442

Share based payments reserve

 

 

 

172

 

1,988

 

172

Translation reserve

 

 

 

(17,055)

 

(16,580)

 

(16,870)

Accumulated losses

 

 

 

(134,271)

 

(133,199)

 

(133,003)

Equity attributable to equity holders of the parent

 

 

 

3,661

 

7,024

 

5,114

 

 

 

 

 

 

 

 

 

 

 

The unaudited condensed consolidated financial statements of Agriterra Limited for the 6 months ended 30 September 2019 were approved by the Board of Directors and authorised for issue on 31 March 2020. Signed on behalf of the Board of Directors:

 

 

 

 

 

CSO Havers

Chair

 

 

 

 

 

Consolidated cash flow statement

 

 

Note

 

6 months ended

30 September

2019

Unaudited

 

6 months ended

30 September

2018

Unaudited

 

Year

 ended

31 March

2019

Audited

 

 

 

 

 

(Restated)

 

 

 

 

 

$000

 

$000

 

$000

 

 

 

 

 

 

 

 

Loss before tax for the period

 

 

(1,268)

 

(1,475)

 

(3,095)

Adjustments for:

 

 

 

 

 

 

 

 

 

420

 

178

 

620

 

 

(51)

 

(122)

 

(340)

 

 

(42)

 

(188)

 

80

 

 

(76)

 

(117)

 

(478)

 

 

205

 

577

 

754

 

 

441

 

519

 

1,016

 

 

(2)

 

-

 

-

Operating cash flows before movements in working capital

 

 

(373)

 

(628)

 

(1,443)

(Increase)/decrease in inventories

 

 

(919)

 

(665)

 

238

(Increase)/decrease in trade and other receivables

 

 

(254)

 

(86)

 

392

Increase/(decrease) in trade and other payables

 

 

32

 

(61)

 

744

Cash used in operating activities

 

 

(1,514)

 

(1,440)

 

(69)

Corporation tax paid

 

 

-

 

-

 

-

Interest received

3

 

2

 

-

 

-

Net cash used in operating activities

 

 

(1,512)

 

(1,440)

 

(69)

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Proceeds from disposal of property, plant and equipment, net of expenses incurred

 

 

51

 

142

 

346

Acquisition of property, plant and equipment

 

 

(385)

 

(47)

 

(920)

Acquisition of intangible assets

 

 

(3)

 

-

 

(193)

Net cash (used in)/generated from investing activities

 

 

(337)

 

95

 

(767)

 

 

 

 

 

 

 

 

Cash flow from financing activities

 

 

 

 

 

 

 

Finance costs

3

 

(441)

 

(519)

 

(1,016)

Net drawdown/(repayment) of overdrafts

5

 

1,913

 

(2,821)

 

(3,258)

Net (repayment)/drawdown of loans and finance leases

5

 

(230)

 

3,958

 

3,773

Net cash generated from/(used in) financing activities

 

 

1,242

 

618

 

 (501)

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(607)

 

(727)

 

(1,337)

Effect of exchange rates on cash and cash equivalents

 

 

-

 

4

 

(7)

Cash and cash equivalents at beginning of period

 

 

2,197

 

3,541

 

3,541

Cash and cash equivalents at end of period

 

 

1,590

 

2,818

 

2,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General information

 

Agriterra Limited ('Agriterra' or the 'Company') and its subsidiaries (together the 'Group') is focussed on the agricultural sector in Africa. Agriterra is a non-cellular company limited by shares incorporated and domiciled in Guernsey, Channel Islands. The address of its registered office is Richmond House, St Julian's Avenue, St Peter Port, Guernsey GY1 1GZ.

 

The Company's Ordinary Shares are quoted on the AIM Market of the London Stock Exchange ('AIM').

 

The unaudited condensed consolidated financial statements have been prepared in US Dollars ('US$' or '$') as this is the currency of the primary economic environment in which the Group operates.

 

1.             Basis of preparation

 

The condensed consolidated financial statements of the Group for the 6 months ended 30 September 2019 (the 'H1-2019 financial statements'), which are unaudited and have not been reviewed by the Company's Auditor, have been prepared in accordance with the International Financial Reporting Standards ('IFRS'), as adopted by the European Union, accounting policies adopted by the Group and set out in the annual report for the year ended 31 March 2019 (available at www.agriterra-ltd.com). The Group does not anticipate any significant change in these accounting policies for the year ended 31 March 2020. References to 'IFRS' hereafter should be construed as references to IFRSs as adopted by the EU.

 

This interim report has been prepared to comply with the requirements of the AIM Rules of the London Stock Exchange (the 'AIM Rules'). In preparing this report, the Group has adopted the guidance in the AIM Rules for interim accounts which do not require that the interim condensed consolidated financial statements are prepared in accordance with IAS 34, 'Interim financial reporting'. Whilst the financial figures included in this report have been computed in accordance with IFRSs applicable to interim periods, this report does not contain sufficient information to constitute an interim financial report as that term is defined in IFRSs.

 

The financial information contained in this report also does not constitute statutory accounts under the Companies (Guernsey) Law 2008, as amended. The financial information for the year ended 31 March 2019 is based on the statutory accounts for the period then ended. The Auditors reported on those accounts. Their report was unqualified and referred to going concern as a key audit matter. The Auditors drew attention to note 3 to the financial statements concerning the Group's ability to continue as a going concern which shows that the Group will need to renew its overdraft facilities, maintain its current borrowings and raise further finance in order to continue as a going concern.

 

The H1-2019 financial statements have been prepared in accordance with the IFRS principles applicable to a going concern, which contemplate the realisation of assets and liquidation of liabilities during the normal course of operations. Having carried out a going concern review in preparing the H1-2019 financial statements, the Directors have concluded that there is a reasonable basis to adopt the going concern principle.

 

2.             Segment information

 

The Board consider that the Group's operating activities during the period comprised the segments of Grain and Beef, undertaken in Africa. In addition, the Group has certain other unallocated expenditure, assets and liabilities, either located in Africa or held as support for the Africa operations.

 

The following is an analysis of the Group's revenue and results by operating segment:

 

6 months ended 30 September 2019 - Unaudited

 

Grain

 

Beef

 

Unallo-cated

 

Elimina-tions

 

Total

 

$000

 

$000

 

$000

 

$000

 

$000

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

External sales(2)

3,888

 

2,194

 

-

 

-

 

6,082

Inter-segment sales(1)

263

 

-

 

-

 

(263)

 

-

 

4,151

 

2,194

 

-

 

(263)

 

6,082

 

 

 

 

 

 

 

 

 

 

Segment results

 

 

 

 

 

 

 

 

 

- Operating profit/(loss)

203

 

(669)

 

(418)

 

-

 

(884)

- Interest expense

(352)

 

(84)

 

(3)

 

-

 

(439)

- Other gains and losses

10

 

45

 

-

 

 

 

55

Loss before tax

(139)

 

(708)

 

(421)

 

-

 

(1,268)

 

 

 

 

 

 

 

 

 

 

Income tax

-

 

-

 

-

 

-

 

-

Loss for the period

(139)

 

(708)

 

(421)

 

-

 

(1,268)

 

6 months ended 30 September 2018 - Unaudited (Restated)

 

Grain

 

Beef

 

Unallo-cated

 

Elimina-tions

 

Total

 

$000

 

$000

 

$000

 

$000

 

$000

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

External sales(2)

1,549

 

2,585

 

-

 

-

 

4,134

Inter-segment sales(1)

385

 

-

 

-

 

(385)

 

-

 

1,934

 

2,585

 

-

 

(385)

 

4,134

 

 

 

 

 

 

 

 

 

 

Segment results

 

 

 

 

 

 

 

 

 

- Operating loss

(322)

 

(312)

 

(322)

 

-

 

(956)

- Interest expense

(467)

 

(52)

 

-

 

-

 

(519)

Loss before tax

(789)

 

(364)

 

(322)

 

-

 

(1,475)

 

 

 

 

 

 

 

 

 

 

Income tax

-

 

-

 

-

 

-

 

-

Loss for the period

(789)

 

(364)

 

(322)

 

-

 

(1,475)

 

 

Year ended 31 March 2019 - Audited

 

Grain

 

Beef

 

Unallo-cated

 

Elimina-tions

 

Total

 

$000

 

$000

 

$000

 

$000

 

$000

 

 

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

 

External sales(2)

5,586

 

5,043

 

-

 

-

 

10,629

Inter-segment sales(1)

873

 

-

 

-

 

(873)

 

-

 

6,459

 

5,043

 

-

 

(873)

 

10,629

 

 

 

 

 

 

 

 

 

 

Segment results

 

 

 

 

 

 

 

 

 

- Operating loss

(1,168)

 

(973)

 

(503)

 

-

 

(2,644)

- Interest expense

(916)

 

(100)

 

-

 

-

 

(1,016)

- Other gains and losses

309

 

252

 

4

 

-

 

565

Loss before tax

(1,775)

 

(821)

 

(499)

 

-

 

(3,095)

 

 

 

 

 

 

 

 

 

 

Income tax

-

 

-

 

-

 

-

 

-

Loss for the year

(1,775)

 

(821)

 

(499)

 

-

 

(3,095)

 

(1)

Inter-segment sales are charged at prevailing market prices.

(2)

Revenue represents sales to external customers. Sales from the Grain and Beef divisions are principally for supply to the Mozambican market.

 

The segment items included within continuing operations in the consolidated income statement for the periods are as follows:

 

6 months ended 30 September 2019 - Unaudited

Grain

 

Beef

 

Unallo-cated

 

Elimina-tions

 

Total

 

$000

 

$000

 

$000

 

$000

 

$000

 

 

 

 

 

 

 

 

 

 

Depreciation and amortisation

173

 

239

 

8

 

-

 

420

 

               

6 months ended 30 September 2018 - Unaudited (Restated)

Grain

 

Beef

 

Unallo-cated

 

Elimina-tions

 

Total

 

$000

 

$000

 

$000

 

$000

 

$000

 

 

 

 

 

 

 

 

 

 

Depreciation

22

 

156

 

-

 

-

 

178

 

Year ended 31 March 2019 - Audited

Grain

 

Beef

 

Unallo-cated

 

Elimina-tions

 

Total

 

$000

 

$000

 

$000

 

$000

 

$000

 

 

 

 

 

 

 

 

 

 

Depreciation and amortisation

374

 

236

 

10

 

-

 

620

3.      NET FINANCE COSTS

 

 

6 months ended

30 September

2019

Unaudited

 

6 months ended

30 September

2018

Unaudited

 

Year

 ended

31 March

2019

Audited

 

 

$000

 

$000

 

$000

Interest expense:

 

 

 

 

 

 

Bank loans, overdrafts and finance leases

 

441

 

519

 

1,016

Interest income:

 

 

 

 

 

Bank deposits

 

(2)

 

-

 

-

 

 

439

 

519

 

1,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.      LOSS per share

 

The calculation of the basic and diluted loss per share is based on the following data:

 

 

 

6 months

 ended

 

6 months

 ended

 

Year

 ended

 

 

30 September

 

30 September

 

31 March

 

 

2019

 

2018

 

2019

 

 

Unaudited

 

Unaudited (Restated)

 

Audited

 

 

US$000

 

US$000

 

US$000

 

 

 

 

 

 

 

Loss for the period/year for the purposes of basic and diluted earnings per share attributable to equity holders of the Company

 

(1,268)

 

(1,475)

 

(3,095)

 

 

 

 

 

 

 

Weighted average number of Ordinary Shares for the purposes of basic and diluted lossper share

 

 

21,240,618

 

 

21,240,618

 

21,240,618

 

 

 

 

 

 

 

Basic and diluted loss per share - US cents

 

(6.0)

 

(6.9)

 

(14.6)

 

The Company has issued options over ordinary shares which could potentially dilute basic loss per share in the future. There is no difference between basic loss per share and diluted loss per share as the potential ordinary shares are anti-dilutive.

 

 

5.      Borrowings

 

30 September 2019

 

30 September 2018

 

31 March

2019

 

Unaudited

 

Unaudited

 

Audited

 

$000

 

$000

 

$000

 

 

 

 

 

 

Non-current

 

 

 

 

 

Bank loans and finance leases

2,674

 

3,040

 

2,850

 

 

 

 

 

 

Current

 

 

 

 

 

Bank loans and finance leases

860

 

793

 

801

Bank overdrafts

2,867

 

1,574

 

907

 

3,727

 

2,367

 

1,708

 

 

 

 

 

 

 

6,401

 

5,407

 

4,558

 

Grain division

 

On 25 May 2018 the existing 300 million Metical facility was restructured into a 240 million Metical ($ 3.77m) 5 year term loan with an interest rate of the Bank's prime lending rate +0.25% and a 12 month 60 million Metical ($ 0.94m) overdraft facility at the Bank's prime lending rate less 1.75%. At 30 September 2019, the principal outstanding on the term loan was 184 million Metical ($ 3.0m) and the amount drawn on the overdraft facility was 59.1 million Metical ($ 0.96m).

 

In July 2019 the division entered into a new finance lease arrangement for 12.7 million Metical ($ 206,000) secured on certain vehicles.

 

In September 2019, additional overdraft facility agreements were agreed of 90 Million Metical. At 30 September 2019, the amount drawn on these facilities was 88.8 million Metical (S 1.44m).

 

As at 30 September 2019, the Group had undrawn overdraft borrowing facilities for the Grain division of $ 46,000 (2018: $ 104,000).

 

Beef division

 

On 18 February 2019, the Group entered into a finance lease for MTN 27.6m ($ 0.43m) repayable over 5 years, secured on certain agricultural equipment.

 

The Beef division has an overdraft facility of 30 million Metical ($ 0.48m). The amount drawn down at 30 September 2019 was $ 0.47m (2018: $ 0.4m).

 

As at 30 September 2019, the Group had undrawn overdraft borrowing facilities for the Beef division of $ 13,000 (2018: $ 75,000).

 

 

Reconciliation to cash flow statement

 

 

At 31

 March

2019

 

Cash flow

 

Foreign Exchange

 

At 30 September 2019

 

Non-current bank loans and finance leases

2,850

 

(264)

 

88

 

2,674

Current bank loans and finance leases

801

 

34

 

25

 

860

Overdrafts

907

 

1,913

 

 47

 

2,867

 

4,558

 

1,683

 

160

 

6,401

 

 

 

 

 

 

 

 

 

6.      Share capital

 

 

Authorised

 

Allotted and fully paid

 

 

 

 

Number

 

Number

 

US$000

 

At 31 March 2019, 30 September 2018 and 2019

 

23,450,000

 

21,240,618

 

3,135

 

 

 

 

 

 

 

At 31 March 2019, 30 September 2018 and 2019

 

 

 

 

 

 

 

Deferred shares of 0.1p each

 

155,000,000

 

155,000,000

 

238

 

 

 

 

 

 

 

Total share capital

 

178,450,000

 

176,240,618

 

3,373

 

The Company has one class of ordinary share which carries no right to fixed income.

 

The deferred shares carry no right to any dividend; no right to receive notice, attend, speak or vote at any general meeting of the Company; and on a return of capital on liquidation or otherwise, the holders of the deferred shares are entitled to receive the nominal amount paid up after the repayment of £1,000,000 per ordinary share.  The deferred shares may be converted into ordinary shares by resolution of the Board.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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